Short-Term Technical Analysis For Gold-5/9/2024

5 ก.ย.

Good morning, everyone. This is Mohammed Qais Abdulghani, a financial markets expert, bringing you the morning update on gold’s technical movements for the short term on Thursday, September 5, 2024.

Short-Term Technical Analysis of Gold:

As we can see, gold continues to trade within a narrow sideways channel on the 15-minute timeframe, as illustrated in the chart in front of you. As we anticipated in the previous update, gold remains confined within a range between the support level at $2,480 and the resistance level at $2,515. The current scenario suggests that gold will continue to move sideways between these levels until a clear breakout or breakdown occurs on the 15-minute chart. Once this happens, we will be able to determine the next direction for gold in the upcoming trading sessions.

Expectations and Economic Data Impact:

We want to alert you that the markets are closely watching today’s release of several key economic data points. At 3:00 PM Mecca time, the Unemployment Claims report will be released. At 3:15 PM, the Non-Farm Employment Change report will be published. Additionally, at 4:45 PM, the Services PMI will be released, followed by the Non-Manufacturing PMI from the Institute for Supply Management at 5:00 PM. The data releases will conclude with the U.S. Crude Oil Inventories report at 6:00 PM.

These data releases are expected to have a direct impact on the U.S. dollar, which in turn will influence gold prices. Therefore, we may see high volatility in gold prices throughout the day.

Key Trading Levels:

We emphasize the importance of monitoring key trading levels for gold, which include the resistance zone at $2,515 and the support zone at $2,480. As mentioned, a breakout or breakdown of these levels with confirmation will define the next trend for gold, whether it moves higher or lower, as illustrated on the chart in front of you.

In Conclusion:

That wraps up our session for this morning. Thank you for tuning in, and we wish you a successful trading day. Best regards, and stay safe.